Introduction to Home Loan Calculator SBI
The State Bank of India (SBI) is the largest public sector bank in India. SBI offers home loans to customers at attractive interest rates. The home loan calculator provided by SBI on their website allows potential borrowers to easily calculate their monthly home loan EMI and eligibility. Using the home loan EMI calculator is important to assess repayment capacity before taking a home loan.
How Does the SBI Home Loan Calculator Work?
The SBI home loan EMI calculator is very easy to use. You need to input a few details like loan amount, interest rate, loan tenure and processing fee. Based on these inputs, the calculator automatically calculates your monthly EMI, total interest payable and total payment (principal + interest). You can also use the calculator to determine your maximum eligible loan amount based on your income.
Key Features of SBI Home Loan Calculator
Some useful features of the SBI home loan EMI calculator are:
- User-friendly interface
- Option to calculate EMI for both floating and fixed interest rates
- Flexibility to select preferred loan tenure from 1 to 30 years
- Choice of monthly, quarterly, half-yearly and annual repayment options
- Auto-calculation of total interest payable over full tenure
- Calculation of maximum eligible loan amount based on income
- Provisional interest rate updated regularly
How to Use the SBI Home Loan Calculator
Follow these simple steps to use the SBI home loan calculator:
- Visit SBI’s official website and go to the home loan EMI calculator page
- Enter the loan amount you wish to take
- Select the preferred interest rate type – fixed or floating
- Enter the loan tenure in years/months (maximum 30 years)
- Enter any processing fee or other charges, if applicable
- The calculator will display the monthly EMI amount
- You can also enter your monthly income to check maximum eligible loan amount
Factors Affecting Loan Eligibility and EMI
Some key factors that impact your loan eligibility and EMI amount are:
- Income – Higher the income, higher the maximum eligible loan amount
- Interest rate – Higher the rate, higher will be the EMI
- Tenure – Longer the tenure, lower the EMI
- Loan amount – Higher the amount, higher the EMI
- Co-applicant’s income – Included to improve eligibility
Benefits of Using the SBI Home Loan Calculator
Some major benefits of using the SBI home loan calculator are:
- Estimates EMI amount, total interest outgo, and loan eligibility even before applying
- Helps choose optimal loan amount and tenure as per repayment capacity
- Allows comparison of EMIs for different interest rate and tenure options
- Simple and quick to use with user-friendly interface
- Provides customized home loan solutions by adjusting parameters
- Available free of cost on SBI’s website for all customers
Charges and Fees for SBI Home Loans
While the EMI calculator only shows principal and interest payable, you also need to factor in certain charges and fees such as:
- Processing fee – 0.5% of loan amount plus taxes
- Prepayment charges – Nil for floating rate, 2% for fixed rate loans
- Part prepayment – Allowed after 1 year for floating rate loans
- Cheque bounce/swap charges – Rs. 500 per instance
- Legal and technical charges – As per actuals
How to Apply for SBI Home Loan after Using Calculator
After arriving at an optimal loan amount, tenure and EMI on the home loan calculator, you can proceed with the application by:
- Visiting your nearest SBI branch with required documents
- Filling the home loan application form and submitting it
- Paying the processing fee and other charges
- Completing the legal and technical formalities
- Providing income proofs, property documents for verification
- Signing the final home loan agreement after approval
The calculator thus helps you take the first step towards your dream home.
FAQs on SBI Home Loan Calculator
1. Does the calculator show the exact EMI I will pay?
No, the EMI shown is only indicative. The actual loan amount sanctioned and interest rate offered will impact your final EMI amount.
2. Can I use the calculator without registering?
Yes, the SBI home loan calculator is openly available on their website and does not require any registration.
3. What are the charges not covered by the calculator?
Charges like processing fees, legal charges, valuation fee,s etc are not shown in the calculator. You need to account for them separately.
4. How do I assess eligibility with co-applicant income?
You can enter your co-applicant’s income separately to arrive at the total income and check the maximum eligibility amount.
5. Can I change the loan tenure later if required?
Yes, you can modify the tenure later by paying applicable charges. The EMI amount will change accordingly.